Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,483/mo
Lowest payment- Down payment
- $440,824
- Funds due
- $454,862
- Interest + MI left
- $84,444
- First ends
- Oct 2050
Assumption
Assumption + second
$4,170/mo
+$2,687/mo- Down payment
- $65,824
- Funds due
- $81,829
- Interest + MI left
- $676,601
- First ends
- Oct 2050
New loan
New conventional
$4,530/mo
+$3,047/mo- Down payment
- $65,824
- Funds due
- $78,244
- Interest + MI left
- $854,016
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $209,076 | $209,076 | $584,076 |
| Second mortgage | — | $375,000 | — |
| First P&I | $1,026.29 | $1,026.29 | $3,956.73 |
| Second P&I | — | $2,686.55 | — |
| Mortgage insurance | — | — | $116.82 |
| Taxes, insurance & HOA | $456.67 | $456.67 | $456.67 |
| Total housing payment | $1,482.96 | $4,169.50 | $4,530.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,824
Closing costs & prepaids$16,005
Usable credit−$0
Total buyer cash needed$81,829
Earnest money paid−$0
Remaining funds due$81,829
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,045.38
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$780.00
Initial HOA (3 months)$90.00
Prepaid interest, first (9 days)$155.69
Prepaid interest, second (9 days)$716.61
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing23 yr 10 moOf the original 30-year loan at 3.02%
Interest already paid$42,217Through Dec 2026
Assumption only · ends Oct 2050$84,444
Assumption + second · ends Oct 2050, second Jan 2057$676,601
New conventional · ends Jan 2057$854,016